Gold Coast employment is expected to boom if the IMETT Project gains approval, immediately creating economic activity across a range of sectors.
The IMETT Project is expected to create some 2,000 jobs during the construction phase and a further 5,000 jobs during the project’s operational phase. The IMETT Project is understood to be the largest permanent job creation project in Australia.
The Gold Coast region expects to grow its population from 515,000 people in 2010 to 749,000 by 2031, and government estimates suggest it will require the creation of 171,600 new jobs during that same timeframe.
Many of these jobs will need to be created in the emerging northern Gold Coast region where major new residential subdivisions targeting young families are being developed.
The Gold Coast Community Profile confirms the area has a much larger proportion of people in the younger age groups (0-17) but a smaller proportion of people in the older age groups when compared to Gold Coast City.
Located at Norwell in the northern Gold Coast region, the IMETT Project is also one of the few major projects in Queensland that is located immediately adjacent to existing urban areas, and IMETT is expected to provide an employment boost where employment is desperately needed right now.
The IMETT Project comprises an international standard motor racing circuit and ancillary infrastructure, a world-class theme park, hotels and an educational institute. The project represents a private sector investment of $650 million during the land acquisition and project construction phases, with some 80% of this being spent in Queensland, or elsewhere in Australia. The balance will be spent on services and equipment not currently available in Australia.
It is anticipated IMETT’s Project Partners and co-locators could potentially add a complementary private sector investment amounting to a further $500 million in construction activity over the next decade.
The construction workforce for the IMETT Project will draw upon the various skills necessary for the industrial and commercial construction industry, and provide a much needed fillip for an industry that has shown significant decline in private sector investment over the past 18 months.
The construction industry in South East Queensland has been hard hit by the Global Financial Crisis. The Gold Coast was once the building capital of Australia however according to government statistics the region lost more than 16,000 construction industry workers, representing some 39% of the industry in 2009 and 2010.
According to the Urban Development Institute of Australia, every $1 million in turnover generated by Queensland’s development industry either creates or sustains 2.8 direct and 4.5 indirect full time equivalent jobs. In addition, every $1 million worth of property development directly generates $44,700 in direct and indirect taxes and the flow on effects generate $95,100 in direct and indirect taxes for State and local governments.
More importantly, the IMETT Project will also be one of the very few large projects that brings immediate employment growth across a wide community spectrum. Such employment opportunities will include both skilled and unskilled jobs, and cover all levels of employment from senior management, general administration, technical and trades positions, and will include full time, part time and casual employment.
Meaningful employment opportunities will also be offered during the operational phase in difficult to place areas of employment, such as people with disabilities, younger generation people, older generation people, indigenous people, and those where English is the second language.
It is likely the vast majority of the IMETT Project’s operational employees will be recruited locally, and residents will be able to enjoy the provision of highly sought after employment in their local area, minimising the need to travel further afield and reducing greenhouse gases in the process. This in turn will lead to a higher quality of life through a reduction in travelling time and costs.
Local residents will find opportunities to build high level careers without having to leave their general locality, whilst working mothers will be able to obtain employment closer to home.
In addition, apprentices, work trainees and local students will be able to study, participate in work experience programmes and then secure employment in their local community.
Local businesses, particularly those in the Yatala Enterprise Area and the adjacent suburbs between Logan and Helensvale will also gain from the establishment of a significant work demand generated by the IMETT Project, both directly and indirectly.
Stronger local businesses will emerge, creating more local employment, and ensuring the development of higher-level technical capability and skills.
The IMETT Project will build on the established “motorsport cluster” existing at the Yatala Enterprise Area. This “motorsport cluster” has achieved remarkable depth, and is the largest in Queensland, despite the absence of a world-class motor racing circuit.
At present, Yatala based motorsport teams and suppliers have to travel a round trip in excess of 150 kms to race test cars, bikes and components, and a local motor racing circuit will bring savings to those race teams.
IMETT will also be a significant employer of people in the Arts, providing opportunities for outdoor artwork such as sculptures and murals, indoor artworks such as paintings and weavings, to musicians and theatre technicians.
The Co-ordinator General’s declaration of significant status lapsed last December but IMETT is expecting to re-submit the project for approval in the coming weeks. The IMETT Project is considered to be “shovel ready”, and has the ability to mobilise very quickly.
IMETT (Integrated Motorsport Education Tourism & Technology) is a proposed tourism precinct located in Queensland's Gold Coast. The AUD$600million facility incorporates a theme park, eduction centre, tourism facilities and a central motor circuit facility).
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